Editors note: This post has been created in collaboration and with financial support from EIT Health. If you’re also interested in partnering with us, just reach out.
On the 7th and 8th of November, the EIT Health InnoStars Grand Final was held at the Milano Innovation District (MIND) in the vibrant city of Milan. The event unfolded as a spectacle of innovation, competition, and collaboration, showcasing a compelling agenda of pitches and discussions that signified a leap forward in healthcare innovation across Europe. The location choice, renowned for its expansive and sustainable design, complemented the visionary spirit of EIT Health reinforcing its commitment to nurturing healthcare advancements.
Headquartered in Budapest, the EIT Health InnoStars is part of the European Institute of Innovation and Technology, a body of the European Union. This vast initiative, spanning more than half of Europe, aims to nurture innovative healthcare solutions. It commits to fostering entrepreneurship, innovation, and education within the domains of healthcare, healthy living, and active ageing. The initiative catalyses healthcare breakthroughs, bolsters the capabilities of entrepreneurial talent, and equips these entrepreneurs to meet the modern challenges of health and ageing across diverse European landscapes.
Event Breakdown: The Stages of Competition
The EIT Health InnoStars Grand Final programme was meticulously designed to facilitate startup growth through three pivotal stages:
- Initial Selection: Startups were chosen by external experts based on their alignment with the EIT Health InnoStars Awards goals.
- Mentoring and Training: Following intensive mentorship and business plan development, the top contenders were primed for the final event.
- Pitching for Success: The event’s climax featured a pitch session to an international jury, with startups competing for the coveted prize money and an opportunity to connect with EIT Health Community.
An eventful day at the EIT Health InnoStars Grand Final: A panel discussion, pitch competitions and award ceremony.
On the second day of the EIT Health InnoStars Awards, an insightful panel discussion focusing on “The power of people in startup investing.” took place. The panellists shared several pivotal insights, highlighting the significance of the surrounding ecosystem, noting that a supportive environment not only aids startups in flourishing but also in drawing in elite talent. The concept of human due diligence was underscored, which involves delving into the team dynamics, assessing the capabilities of individuals, and ensuring they are in sync with the company’s goals—key factors for prosperous investments. Additionally, the issue of post-investment neglect was addressed, with an emphasis on the necessity for continuous support after the initial funding. The discussion circled back to the central thesis that investing in a formidable team, cultivating an enriching ecosystem, and providing unwavering support are indispensable components in the startup investment journey.
Right after the insightful panel discussion, the InnoStars Awards final pitch competition began. This competition is a key acceleration programme for early-stage startups from Central, Eastern, and Southern Europe. The programme assists in transforming prototypes and MVPs into marketable health solutions or products. Ten companies qualified to pitch in this competition, with each given three minutes to present their business concept to a jury of three industry professionals. The goal was to present their ideas succinctly and compellingly to secure potential investment and partnerships. Here’s an overview of the winners:
Orgavalue: Porto-based biotechnology startup with the mission to develop new human organs using bioengineering technology to make transplants safer and more readily available. Through advanced bioengineering technology, they aim to produce organs with great precision, reducing the risks associated with traditional transplantation.
BEAT Therapeutics: Porto-based pharmaceutical startup leveraging DNA Damage Response (DDR) to deliver targeted and resistance-defying therapeutics against hard-to-treat cancers, characterized by low survival rates and high resistance to conventional treatments.
D-Sight: A spin-off company from the Vall d’Hebron Institute of Research (VHIR), aims to shape the future of retinal disease treatments. They have developed an eye drop formulation for the prevention and treatment of diabetic retinopathy in its early stages.
Later that day the “Attract to Invest” pitch competition took place. It was a key feature for startups already active in the market looking to find seed investment or investors. This pitch competition looked for innovative solutions in three dynamic sectors: biotechnology, digital technology, and medical technology.
The competition was divided into two parts, with ten startups pitching in each. The first round included startups focused on biotech and digital tech, while the second part was focused on medtech. These startups are involved in groundbreaking therapeutic strategies, ranging from treatments for Parkinson’s disease to bioengineered organ transplantation and cutting-edge mRNA therapeutic technologies, among many other innovative approaches. Let’s have a look at the winners:
Mebster: Prague-based support medical care provider. They have developed a passive exoskeleton that enables people with partial or complete loss of function of the lower limbs to walk again at a fraction of the cost of existing solutions.
FRONTIER Management Consulting: Headquartered in Romania they presented their latest innovation in the field of Bioinformatics “PROMED”, an innovative Bioinformatics platform meticulously developed for the early diagnosis of bronchopulmonary and colorectal cancer.
Luca: London-based startup specialised in mental health screening and symptom identification in elite sports ensuring athletes get the help they need, when they need it, in a way that works for them. They aim to empower and optimise mental well-being in athletes through insights and data.
To complement the jury’s assessment, a public voting system was implemented, enabling attendees to cast their votes for their favourite startup—“The InnoStars Community Award”—through the event’s website and app. This voting process not only increased engagement but also added a level of public influence to the proceedings, enriching the competition with a democratic touch. Meet the winner of this special award:
WakeZ: Cluj-based startup developing a digital pill and digital biomarker for disruptive treatment of depression. By analyzing sleep patterns through sensor fusion and AI, WakeZ offers instant depression subtype diagnosis and real-time tracking of treatment response, relapse and onset.
The EIT Health InnoStars Grand Final has not only rewarded innovation but also ignited a collaborative spirit across Europe’s healthcare sector. By providing a platform for healthcare innovators to be acknowledged and linked with industry leaders and investors, EIT Health InnoStars is solidifying the foundation for a healthier, more inventive future. You can re-watch the award ceremony here.
Read the orginal article: https://www.eu-startups.com/2023/11/innovating-health-highlights-from-the-eit-health-innostars-grand-final-2023/
